Family ValuesThe American family's net worth, onaverage, rose about 6 percent from2001 to 2004. But the mediannet worth-the midpointthat separates the top50 percent from the lower50 percent-barely rose,and remained less thanone-fourth as large asthe average.$500,000400,000300.000200.000Net worth of anAmerican family100,0002001200420012004MEDIANAVERAGESource: Federal RoserveThe New York Timesa) Why is the mean for each year so much larger than the corresponding median?b) Between 2001 and 2004, the median American family's net worth remained unchanged.However, the mean American family's net worth grew. What caused this to occur?c) Based on skewness, was the mean the correct measure of center to use for discussing theAmerican family's net worth? Explain.

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MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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The American family's net worth, on average, rose about 6 percent from 2001 to 2004. But the median net worth-the midpoint that separates the top 50 percent from the lower 50 percent-barely rose, and remained less than one-fourth as large as the average.